Tanga chairman moves to evict rebel director
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The chairman of Tanga Resources plans to vote against the re-election of one of the directors of the Namibia-focused precious and base metals explorer at the upcoming annual general meeting.
Tanga said in an ASX announcement late Thursday that chairman Allen Lafferty would now vote all “undirected proxies” against the re-election of Ian Stuart.
Shareholders will give their proxy (voting power) to a representative if they can’t attend the AGM. Proxies with no instruction on which way to vote are known as “undirected”.
The board originally provide a recommendation to shareholders to vote in favour of Mr Stuart’s re-election.
Tanga said it is now voting against Mr Stuart’s re-election because it became aware of his intention to vote in favour of the removal of two other directors — John Jones and John Stockley.
In late October, the company received a “249D” notice from shareholders that collectively have about a 7 per cent stake calling for the removal of the two directors.
Tanga said at the time the notice was received from Jalein Pty Ltd, Pet FC Pty Ltd, and Izaak Trajkovski, who acquired most of their shares in the entitlements issue done in late October.
The AGM is penned in for November 26 in West Perth.
Tanga is exploring for copper, cobalt, zinc and gold in Namibia.
The company recently acquired the Hagenhof copper and cobalt project, where it is getting ready to start a 1200m drilling program.